The Real Estate Securitization Act application on Urban Renewal

• Main Authors: Yen-Fen Liu, 劉燕芬
• Other Authors: Chin-Shen Lee
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/92001131865187320850

碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 94 === In order to match urban sustainable development and improve residential quality, the government try to launch “Speedy Urban Regeneration Project” and revise “Real Estate Securitization Act”. With the Act amendment, government inducement and market growth, the application of real estate securitization on urban renewal is the future focus. This paper starts from analyzing operating and financial impact and hope it will help to bill up a structure of apply the real estate securitization on urban regeneration. The structure of this thesis is start on urban renewal and capital expense theory. Follow by real estate securitization theory and Development-type Real Estate Securitization. Design the operation model and securitization model to apply on real estate securitization. Final, come to the conclusion and make some suggestion by evaluating future development, designing production and analyzing finance. “Real Estate Securitization Act” includes REITs and REATs. Considering difference and historic applying experience, this thesis suggests manager can start from REATs while applying on urban renewal and the securitization can be issued on type of discount bonds or stocks. After setting down the urban regeneration project, manager can reinvest in real estate while the project will be expected with stable cash inflow to enhance the depth and width of the product.